Great Eastern launches up to US$568m New China Life selldown: IFR

[HONG KONG] Great Eastern Holdings Ltd, the insurance arm of Singapore's Oversea-Chinese Banking Corporation (OCBC), launched on Monday an up to US$568 million selldown in New China Life Insurance (NCI) Co Ltd, IFR reported on Monday, citing a term sheet of the transaction.

Great Eastern is offering 85 million Hong Kong-traded shares of New China Life, China's third-largest life insurer, in an indicative range of HK$50.50 to HK$51.80 each, equivalent to a discount of up to 4 per cent to Monday's close of HK$52.60, added IFR, a Thomson Reuters publication.

Credit Suisse is acting as sole bookrunner for the sale, the terms showed.

REUTERS